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New Realtor survey shows median income jumped 5%, more women joining industry ®
R
ealtor® median net income increased 5% from 2017 to 2018, and 67% of all Realtors® were female, an increase from 63% last year, according to key findings in the 2019 National Association of Realtors® Member Profile. While overall membership grew from 1.23 million in 2016 to 1.36 in 2018, membership remained steady at 1.32 million as of April 2019, according to the report. The median tenure in real estate decreased from 10 to eight years and the median time spent at a real estate firm was recorded at four years, the same as 2018. "As the real estate industry continues to feel the impact of limited inventory, the typical number of transactions Realtors® make in a year remained at 11 in 2018, the same as in the previous report. In addition, because of rising home prices across the country, the median brokerage sales volume increased to $1.9 million in 2018 from $1.8 million in 2017," Lawrence Yun, NAR chief economist, stated. The survey's results are representative of the nation's 1.3 million Realtors®; members of NAR account for about half of all active real estate licensees in the U.S. Realtors® go beyond state licensing requirements by subscribing to NAR's Code of Eth-
ics and standards of practice while committing to continuing education. Demographic Characteristics of Realtors®
The report identified the typical Realtor® as a 54-year-old white female who attended college and was a homeowner. Sixteen percent of Realtors® had a previous career in management, business, or finance, and 15% worked in sales or retail. Realtors® continue to see an overall growth in diversity of membership while a growing number of women are entering the profession. Since 2001, there has been a 20% increase in females and a 120% increase in minorities. Only 4% of Realtors® reported real estate was their first career. Seventy-two percent of Realtors® said that real estate was their only occupation, and that number increased to 82% among members with 16 or more years of experience. Business Activity of Realtors®
"Limited inventory continues to cause headaches in markets across the country and is preventing potential homebuyers from finding a home. For the sixth year in a row, Realtors® cited the difficulty in
finding the right property surpassed the difficulty of obtaining a mortgage. "However, rental business has been strong with more members involved in property management," said Yun. The typical property manager supervised 47 properties in 2018, up from 35 properties in 2017. The typical Realtor® earned 13% of their business from repeat clients and customers and 17% through referrals from past clients and customers. Realtor Survey Continues | Page 2
Survey reveals some of homeowners’ top neighborhood gripes
Peak Producers 10th Anniversary
Peak Realty Ribbon Cutting
Jay Gupta's April Housing Stats
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Researchers found some gender differences in neighborhood turnoffs too. For example, women were more bothered by unkempt lawns and peeling paint than men. Men were more annoyed with foreclosures and lawn ornaments. Women also were more concerned with crime and unfriendly dogs than men seemed to be. Researchers also found differences by age groups. Overall, baby boomers tended to be the most annoyed about neighborhood traits. They were most turned off by RVs and boats parked on the street or left out in the open, followed by unkempt lawns and having trains nearby. © National Association of Realtors. Reprinted with permission.
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Choosing the wrong neighborhood can make for a very unhappy homeowner. A new survey from Porch.com, a home remodeling website, surveyed about 1,000 consumers to find the biggest neighborhood turnoffs. Noise, traffic, and crime were the chief concerns of buyers. Noise topped the list of neighborhood turnoffs, with 41% of respondents citing it as their top gripe, according to the survey. In fact, noise proved to be an even bigger deterrent than a high crime rate. A neighborhood’s appearance matters too. One in five consumers said they found unkempt lawns a big turnoff. Cars parked in the yard or peeling paint also appeared on the dislikes list.
National News............ Page 2 Local News................ Page 5 On the Move.............. Page 8 Local Expert.............. Page 10 Around the Corner....... Page 11
Honest & Ethical Service from People You Know. Debbie Havens
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Director of Advertising Rachelle Nardo
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Director of Publishing Josh Olson
josh@csrej.com Colorado Springs Real Estate Journal LLC (CSREJ) is locally owned and operated out of Colorado Springs, Colorado. CSREJ is published once a month and distributed through USPS, digitally, or by hand to nearly all members of The Pikes Peak Association of Realtors® and The Colorado Springs Housing & Building Association and many other industry-related professionals. CSREJ is not responsible for any opinions or facts expressed by non-staff writers. CSREJ shall not be held responsible for any errors in advertising or editorial content. Realtor® is a registered trademark. Sometimes the word Realtor® or Realtors® will appear without the “®” symbol for the purpose of saving space. The registered trademark should be assumed if it is not present.
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Business Characteristics of Realtors®
Sixty-eight percent of Realtors® were licensed sales agents, 20% held broker licenses and 14% held broker associate licenses. Fourteen percent of members had at least one personal assistant. Fiftyone percent of Realtors® reported having a website for at least five years, 9% reported having a real estate blog, 73% of members were on Facebook and 58% are active on LinkedIn for professional use. The most common information found on Realtor® websites was the member's own listings and home buying and selling information. Income of Realtors®
The median gross income of Realtors® was $41,800 in 2018, an increase from $39,800 in 2017. Realtors® with 16 years or more experience had a median gross income of $71,000-
down from $78,800 in 2017. In comparison, Realtors® with two years or less experience had a median gross income of $9,300, a slight increase from $8,330. Median business expenses were reported at $4,600 in 2018, similar to the $4,580 recorded last year. In 2018, 36% of Realtors® were compensated under a fixed commission split (under 100%), followed by 23% with a graduated commission split (increases with productivity). Office and Firm Affiliation of Realtors®
The survey looked at office and firm affiliation for members and found that over half of Realtors® were affiliated with an independent company. Nearly nine in ten 10 members were independent contractors at their firms. The median tenure for Realtors® with their current firm was four years again in 2019. Nine percent of Realtors® worked for a firm that was bought or merged in the past two years.
The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries. Survey Methodology
In March 2019, NAR e-mailed a 92-question survey to a random sample of 174,242 Realtors®. Using this method, a total of 12,700 responses were received. The survey had an adjusted response rate of 7.2%. The confidence interval at a 95% level of confidence is +/- 0.87% based on a population of 1.3 million members. Information about compensation, earnings, sales volume and number of transactions is characteristic of calendar year 2018, while all other data are representative of member characteristics in early 2019. © Copyright National Association of Realtors. Reprinted with permission.
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PEAK PRODUCERS 10TH ANNIVERSARY April 24 at Creekside Event Center
On April 24, the Peak Producers celebrated its tenth year of local top producing real estate agents serving our community. Over the years, the agent members of this non-profit organization have worked with other groups like Keep Colorado Springs Beautiful, Catholic Charities, Partners in Housing and Springs Rescue Mission to better the Pikes Peak region. On this particular evening at Creekside Event Center, with entertainment and a full dinner prepared by Mission Catering, this wonderful group of compassionate agents donated nearly $60,000 toward the SRM New Life program and to Mary’s House. Congratulations and thank you!!
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Welcome Back Angela!
I am excited to announce that I’m back living in Colorado Springs and have rejoined the Legacy Title Team. After leaving in 2013 to support my husband’s military career we were fortunate enough to be stationed in Germany. Traveling Europe was absolutely amazing but receiving orders back to COS was
Angela Stellebotte
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Angela@LegacyTitle-LLC.com 719.354.8798
originally from Louisiana. I’m eager to reunite with my real estate friends and can’t wait to develop new relationships across this growing and incredible city! I’m thrilled to be home and back with my work family at Legacy Title.
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Pink Realty has ribbon cuttings for their brand new building The Grand Opening of Pink Realty's new custom-made 18,000 square foot building on May 4th at 4783 Farmingdale Drive in Colorado Springs had two official ribbon cuttings! On Friday, May 3rd wonderful representatives of the local Better Business Bureau cut a ribbon with many of Pink Realty's nearly 15 employees and nearly 40 broker associates attending. On Saturday, May 4th equally wonderful representatives of the local Chamber of Commerce officially cut the ribbon with hundreds of people in attendance. After words were spoken by owner and CEO Monica Breckenridge, visitors ultimately reaching 500 for the afternoon went in and toured the building while finding all sorts of desserts and raffle ticket opportunities, the big winner perhaps
was for a cruise. Children had fun with face painting, cotton candy and more. Pink Realty is an Inc. 5000 Company, the only independent brokerage in Colorado Springs to have this award in 2018.
Pikes Peak Habitat for Humanity and Thrivent partner to help improve lives of El Paso County families Pikes Peak Habitat for Humanity and Thrivent have partnered together with local churches and Thrivent members in El Paso County to make a difference for a local family. Pikes Peak Habitat for Humanity has been awarded $75,000 from Thrivent as part of the long-standing national partnership between Habitat and Thrivent, which helps families achieve strength, stability and selfreliance through affordable housing. Locally, Habitat and Thrivent will partner on the construction of a home for Andi and Randy in Foun-
tain, Colorado in 2019 alongside multiple local churches in a Habitat and Thrivent Faith Builds. Over 80 of these home build projects will take place across the US in 2019. “Working in partnership with Habitat families to help them build or repair their homes is an inspiring experience,” said Nancy Albertson, a financial representative with Thrivent Financial. “I enjoy working alongside members -- who generously donate their time and talents -- to strengthen our community.” Habitat and Thrivent Faith Builds
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Builders pick up the pace this winter Housing production nationwide edged up 11.3 percent on a seasonally adjusted basis in December due to a surge in multifamily construction, the Commerce Department reported this week. Multifamily production – often viewed as volatile month-to-month – surged 57 percent to 431,000 units in December. Single-family starts, on the other hand, fell 4 percent to a seasonally adjusted annual rate of 795,000 units. But builder sentiment remains high for the single-family market’s outlook. “Despite the slight dip in singlefamily production, December’s rate
is still the fourth highest single-family pace since the Great Recession, and single-family starts also posted solid gains for the year,” says Granger MacDonald, chairman of the National Association of Home Builders. “Builders remain confident and we expect further growth in the single-family market in the year ahead.” Across the country, combined single and multifamily housing production increased 31.2 percent in the Midwest; 23.5 percent in the West; and 18.5 percent in the Northeast. The South was the only major region to post a loss, dipping 1.4 percent last month.
"This report represents firm growth for housing in 2016, as single-family starts rose 9 percent and multifamily production was down slightly," says Robert Dietz, NAHB’s chief economist. "We expect that 2017 will be another year of gradual, steady improvement in the housing market. Multifamily starts have been volatile in recent months, but should level off as supply meets demand. Meanwhile, single-family production continues to gain momentum but is limited by supply-side headwinds." Single-family permits – a gauge of future construction – increased 4.7 percent to 817,000 units in De-
America’s 10 healthiest housing markets
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spent an average of 56.3 days on the market, significantly less than the national average of 169.6 days. Indeed, seven of the top 10 markets in the U.S. are located in towns within the Midwest region, including three markets that are in Michigan. To determine the healthiest housing markets in the country, SmartAsset took into account factors like
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the percentage of homeowners with negative equity; the average time a for-sale home spends on the market; affordability as the monthly cost of owning a home (and as a percentage of household income in each county and city); among other factors.
© Copyright National Association of Realtors. Reprinted with permission.
Trump puts a halt to FHA mortgage cuts Just hours after being sworn in, President Donald Trump moved to suspend a plan to reduce the Federal Housing NAR officials Administra“disappointed” tion’s mortgage insurance premiums that was set to go into effect on Jan. 27. The plan had been announced just a few days ago by the outgoing Obama administration and Housing and Urban Development head Julian Castro. The reduction in premiums by 25 basis points, or a quarter percentage point, “has been suspended indefinitely,” according to an FHA news release.
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Debbie Havens
National News ........... Page 2 Local News ............... Page 7 On the Move ............. Page 13 Local Expert ............. Page 14 Around the Corner ...... Page 15
Sharon Ballinger
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so grateful for Thrivent’s support of our efforts to build homes in partnership with families in need of permanent affordable housing. It’s a wonderful way to continue to strengthen, stabilize and move families closer to self-reliance.” Thrivent remains the largest nongovernmental supporter of Habitat for Humanity International. For more information about the Habitat and Thrivent Partnership, visit Thrivent.com/Habitat. To learn about local volunteer opportunities, visit www.pikespeakhabitat.org/thriventbuild/
See FHA | 5
See Healthiest Markets | 5
Jay Gupta's November Housing Stats
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What makes a healthy housing market? According to SmartAsset, it is one that shows stability, affordability, and in which homeowners are able to easily sell their homes with a low risk of losing money over the long run. The healthiest housing market in the country: Edgewood, Ky., a suburb of Cincinnati. Homes in Edgewood
cember. That is the highest level in 2016. Multifamily permits, however, dropped 9 percent to 393,000 units, the Commerce Department reports.
improve communities by helping Habitat build homes in partnership with Christian churches and families in need of decent, affordable housing in the US. Thrivent has committed over $12 million to the 2019 partnership, which will be used to partner with families, Christian churches, and volunteers across the US and around the world on different housing projects. Since the national partnership’s inception in 2005, and through 2018, Thrivent and its members have contributed more than $252 million and more than 5.5 million volunteer hours in the U.S. and around the world to help thousands of families and individuals build strength, stability, and self-reliance through shelter. “The Thrivent Builds partnership is helping Pikes Peak Habitat increase the number of families served in our community by helping them become first-time homeowners,” said Kris Medina, Executive Director. “We are
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Colorado Springs Real Estate Journal www.csrej.com
This is not a complete Schedule of Fees. All fees subject to State sales tax as applicable. Above pricing does not include recording fees, mortgage registration tax or conservation fee. As with any insurance contract, the insuring provisions express the coverage afforded by the title insurance policy and there are exceptions, exclusions and conditions to coverage that limit or narrow the coverage afforded by
coverage S A L E S R E P Rthe Epolicy. S EAlso, Nsome TAT I VmayEnot be available in a particular area or transaction due to legal, regulatory, or underwriting considerations. Please contact a First American representative for further information. The services described above are typical basic services. The services provided to you may be different due to the specifics of your transaction or the location of the real property involved. First M OB I LE 719.684.3695 American Title Insurance Company, and the operating divisions thereof, make no express or implied warranty respecting the information presented and assume no responsibility for errors or omissions. First American, the eagle logo, First American Title, and firstam.com are registered trademarks or trademarks of First American Financial Corporation and/or its affiliates. M OB I LE 719.684.3695 bgosz@firstam.com 08210241218
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On the Move
Hart, Shockley, Wickizer Padilla, Kennedy, MacRae EXIT Realty Pikes Peak Travis Hart recently started his career in Real Estate, he is looking forward to growing his business exponentially with his new family at EXIT Realty Pikes Peak! Marilyn Shockley: Having lived in Colorado Springs since 1955, I’ve witnessed its growth firsthand. I’ve been in real estate since 1994, and have been co-owner of a custom builder/remodeling contractor since 1972. Thus, I have been deeply involved in the various aspects of buying and selling both new and resale homes in Colorado Springs. Christine Wickizer recently started her career in Real Estate. When she isn’t helping people buying and selling homes in Woodland Park & Colorado Springs she is hard at work at her other profession as a NeuroCognitive Psychotherapist. Daniel Padilla is a Colorado na-
tive and a United States Army retiree turned Realtor. Those experiences instilled in him the discipline it takes to build the most precision real estate business in Colorado. He recognizes and values the trust his clients place in him, and strives every day to exceed their expectations. Allison (Allie) Kennedy: As a resident of Colorado for more than 10 years, Allie provides excellent service to buyers and sellers. Clients appreciate her flexibility, patience, and ability to actively listen while gaining their trust, referrals and repeat business. Terry MacRae is a licensed Realtor® since 2013 and a 30-year resident of the Pikes Peak region. She is uniquely positioned to help sellers as their agent, as well as their professional stager. She shares her knowledge of design with buyers as well, helping them to visualize the home as their own and see the potential.
Laurel, Jasso Synergy Realty Group Joe Laurel grew up in and has been a Colorado Springs resident for over 23 years! He has a true understanding of the surrounding communities that make up this beautiful and
unique part of Colorado. This appreciation and familiarity is vital to helping buyers and sellers wherever they are in their Real Estate journey. Joe also brings a diverse background and professional experiences to the Real Estate table; including finance, banking, sales and project management. Growing up in the proud military family that brought him to Colorado, Joe is equipped with understanding the importance of the service, integrity, and commitment needed in all aspects of life. He is an active volunteer and community servant throughout the Colorado Springs community and surrounding areas. His volunteering efforts stretch across multiple school districts with various causes and initiatives. Josh Jasso: No stranger to beautiful surroundings, Joshua was raised in North Carolina and relocated to Colorado Springs in 2013. . . and loving it! He is very much a peopleperson with a passion for helping/ seeing people and families through this very important and life-altering process that is buying and selling homes. He is valued as a very loyal individual, with a strong sense of integrity which is vital in a Realtor/ client relationship. When not deep in Real Estate, Joshua is utilizing his love for outdoors and adventure while hiking, snowboarding and traveling. He also uses his creativity in photography and cooking.
city.” Being heavily imbedded in the Springs community and its surrounding areas, she has fine-tuned her business philosophy and has created a solid and honest work ethic. “Knowing that what I do in my career can change people’s lives, helping dreams come true is the most gratifying and genuinely honest gift to share with others.” From new construction to existing homes, from the Rocky Mountains to the Front Range, Derra is competent and very qualified to find the best fit for you and your family’s needs. “It’s not about selling or buying a home… it’s finding the right fit and creating an honest, enjoyable experience.” Alex Ochoa is a true Colorado native. Born in Pueblo and raised in Colorado Springs, she has family throughout the region and is a proud Southern Ute Indian. Living an athlete lifestyle since getting involved in sports at an early age, you might catch her picking up a game of hoops, starting up a friendly game of volleyball, or kickboxing at the gym. “Staying active and fit is something that is very important to me. Colorado has so many opportunities to do the sports I love and even try new ones.” A trained plumber with many years working in residential, commercial and new constructions homes, Alex’s knowledge base is quite extensive which is what inspired her to become a Realtor. “Being in real estate has allowed me to give back to the community. I feel as if I’m part of something much bigger than I thought possible, I’m helping build a dream.”
The Genuine. The Original. Meister, Ochoa House Hunters, LLC
Someone new in the office?
New certification? Derra Meister, a self-proclaimed Send a 150 word or less bio recovering Loan Officer, has almost along with a photo to: 20 years in the mortgage lending innews@csrej.com dustry and has spent the past 5 years within the real estate spectrum. “I’ve is limited and is first Genuine. Original. watched ColoradoThe Springs grow TheSpace come, first serve. Exceptions over the past 20-something years and exclusions apply. and couldn’t be more proud of our
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Colorado Springs Real Estate Journal
May 28, 2019
Local Stats COLORADO SPRINGS AREA
Colorado Springs AreaSales Analysis Housing Stats Dashboard and COMPILED AND ANALYZED BY:
Housing Stats Dashboard and Sales Analysis
JayCompiled Gupta, BME MA MRE and analyzed by: CRS CMRS SRES CDPE
2008 ,PPAR 2010 REALTOR® of the Year Jay Gupta BMEChairman MA MREand CRS CMRS SRES CDPE
CARChairman Research Committee Southeast Region ® of theSpokesperson Year 2008 PPAR and 2010 REALTOR With over 2-BillionSoutheast in personalRegion and managed sales CAR Research Committee Spokesperson With over 2-Billion in personal managed Berkshire Hathaway Home and Services Rockysales Mountain, REALTORS® Berkshire Hathaway Home Services Rocky Mountain, REALTORS® For comments & questions, please contact: JayKGupta@gmail.com For comments & questions, please contact: JayKGupta@gmail.com www.ColoradoSpringsHomesAndStats.com www.ColoradoSpringsHomesAndStats.com
Housing Stats Dashboard
Single Family/Patio Homes Sold Through Pikes Peak MLS Month / Year / Change % New Listings Active Listings Monthly Sales YTD Sales % of Active Listings Sold Monthly Sold Volume YTD Sold Volume Median Price Average Price % of List Price Received Average Days on Market Months' Supply % of Sold Listings … Sold in 0 to 30 Days … Sold in 31 to 60 Days … Sold in 61 to 90 Days … Sold in 91 to 120 Days … Sold in 121+ Days
April 2018 1,972 1,524 1,286 4,399 84.4% $448,206,595 $1,491,890,057 $305,000 $348,527 100.4% 25 1.2 months
April 2019 1,924 1,572 1,320 4,368 84.0% $490,185,762 $1,553,016,192 $328,000 $371,352 100.1% 32 1.2 months
81.7% 7.0% 3.2% 2.4% 5.7%
74.1% 10.3% 4.5% 2.7% 8.3%
Sales Analysis
Change (2.4)% 3.1% 2.6% (0.7)% (0.4)% 9.4% 4.1% 7.5% 6.5% (0.3)% 28.0% 0%
FRAUD IN A REAL ESTATE TRANSACTION HAS THE POTENTIAL TO AFFECT EVERY PARTICIPANT. The best defense is vigilance and a determination to TRUST, BUT VERIFY when suspicions arise. At North American Title, we are committed to working closely with our real estate agent customers and their clients to raise awareness of fraud schemes that can wreak havoc on a real estate transaction. To learn more about how you can join us in our fight against fraud, visit www.nat.com/COPreventFraud Count on North American Title to protect you and your client throughout the real estate transaction process.
(7.6)% 3.3% 1.3% 0.3% 2.6%
COLORADO SPRINGS – DOWNTOWN 102 N. Cascade Ave. | Suite 330 Colorado Springs, CO 80903 t: 719.578.4100
Single Family/Patio Homes Sold Through Pikes Peak MLS Month and Year April 2018 April 2019
COLORADO SPRINGS – NORTH 8610 Explorer Drive | Suite 105 Colorado Springs, CO 80920 t: 719.598.5355
Price Range Under $199,999 $200,000 to $299,999 $300,000 to $399,999 $400,000 to $499,999 $500,000 to $599,999 $600,000 to $799,999 $800,000 to $999,999 $1,000,000 to $1,999,999 Over $2 million
7.4% 40.4% 27.8 % 11.5% 5.5% 5.0% 1.5% 0.9% 0.0%
0.7 months 0.4 months 1.1 months 2.1 months 2.4 months 2.5 months 4.4 months 9.3 months Infinite
2.8% 32.8% 36.8 % 12.4% 7.5% 5.5% 1.1% 0.9%
1.5 months 0.4 months 0.8 months 2.0 months 2.1 months 2.4 months 7.6 months 7.8 months
0.1%
35.0 months
©2017 North American Title Group, LLC and its subsidiaries. All Rights Reserved. | CO 17-10536 R 05.03.17
www.nat.com/CO
Disclaimer: This representation is based in whole or in part on information from the Pikes Peak REALTOR® Services Corp. (“RSC”) or its PPMLS for the period of April 2018 and 2019. Content is deemed reliable; however, neither the RSC nor the PPMLS nor PPAR nor Jay Gupta guarantees or is in any way responsible for its accuracy. Data maintained by RSC does not reflect all real estate activity in the market. © Copyright Jay Gupta. All rights reserved. Unauthorized reproduction is prohibited.
Jay Gupta’s Observations and Remarks The Colorado Springs area housing market remains strong and steady. During the last 3-year’s month of April, the single-family/patio home’s active listings and monthly sales levels have been incredibly steady with 1,570 active listings and 1,309 sales in April 2017 and 1,572 active listing and 1,320 sales in April 2019. However, the average and median prices and the monthly and year-to-date sales volumes soared over 19 percent from April 2017 to April 2019. The month of April 2019 had the highest level of single-family/patio home monthly sales, monthly and year-todate sales volume, and average and median sale prices compared to any month of April ever. Last month, the days on the market were 32 days, the sales price to list price ratio was 100.1 percent, and the average sales price was $371,352 with a median sales price of $328,000. Year-over-year in April 2019, there was a 24 percent drop in the sale of singlefamily/patio homes priced under $300,00, primarily due to the inventory shortage, while a 36 percent increase in homes priced between $300,000 and $400,000, and a robust 39 percent increase in homes priced between $500,000 and $600,000. Unprecedented Supply and Demand Imbalance (Single Family/Patio Homes) • • •
Apr 2019: Apr 2009: Apr 1999:
Active Listings 1,572 Active Listings 5,009 Active Listings 3,427
Sales 1,320 Listings Sold 84.0% Months’ Supply 1.2 Sales 708 Listings Sold 14.1% Months’ Supply 7.1 Sales 706 Listings Sold 20.6% Months’ Supply 4.9
‘Price Segmented’ Supply and Demand Analysis • 84.9% of Single Family/Patio Homes Sold in Apr 2019 were Priced Under $500,000: The exceptionally low inventory in this price range is providing an excellent opportunity to list and sell properties as there are plenty of buyers ready and willing to buy. •
13.0% of Single Family/Patio Homes Sold in Apr 2019 were Priced Between $500,000 and $800,000: There is a great opportunity for buyers and sellers to buy and sell in this price range with a better supply and demand situation.
•
2.1% of Single Family/Patio Homes Sold in Apr 2019 were Priced Over $800,000: It is an opportune time for buyers to buy in this price range as there is a wide selection of properties to choose from and there are motivated sellers.
•
A Comparison of Apr 2019 Sales Data with Previously High Record Setting Apr 2005 • Active Listings are down by (61)% • Months’ Supply is down at 1.2 from 3.6 months in 2005 • Monthly Sales are up by 19% • YTD Sales are up by 23% • Monthly Dollar Sales Volume is up by 85% • YTD Dollar Sales Volume is up by 88% • Average Sale Price is up by 56% • Median Sale Price is up by 68%
•
Historically Low-Interest Rates: The current historically low rates (in the low 4% range) are providing financially qualified home buyers an incredible opportunity to stretch their buying power and lock-in the low rates for 30-years. It is important to keep in mind that every 1% increase in the interest rate reduces the borrowing power by 10% for the same amount of monthly payments.
•
Note: It is a fact that even in a hot real estate market with low inventory, not every property listed for sale will sell as buyers generally buy realistically priced properties offering competitive values. Last month, 31% active listings in El Paso County and 22 active listings in Teller County had price reductions.
May 28, 2019
April 2019 Sales Analysis By MLS Areas Compiled by Jay Gupta Single Family/ Patio Homes
MLS Area Black Forest Briargate Central East Fountain Valley Manitou Springs Marksheffel Northeast Northgate Northwest Old Colorado City Powers Southeast Southwest Tri-Lakes West Woodland Park
# of Months' # of Sold Supply Active Listings Listings
Sales Volume $
All Real Estate Market Activity is 53 29 1.8 19,424,751 134 113 1.2 50,861,300 78 71 1.1 21,110,430 46 77 0.6 22,179,465 126 236 0.5 68,822,084 15 6 2.5 2,949,000 60 48 1.3 16,924,944 54 73 0.7 25,621,832 115 57 2.0 32,234,697 42 39 1.1 19,413,303 44 23 1.9 7,568,265 69 113 0.6 35,672,066 12 63 0.2 15,274,035 100 52 1.9 23,823,020 94 50 1.9 29,164,400 36 16 2.3 5,801,632 45 14 3.2 5,218,402
Median Price $
Average Price $
SP to List %
"Local" 615,000 450,000 282,000 278,000 290,000 407,000 339,557 317,000 513,520 471,500 315,000 312,000 245,000 417,375 531,214 328,950 337,500
669,819 450,100 297,330 288,045 291,619 491,500 352,603 350,984 565,521 497,777 329,055 315,682 242,445 458,135 583,288 362,602 372,743
99.2 99.8 99.9 101.2 100.9 99.0 99.4 100.6 99.4 99.6 102.0 100.9 100.6 99.1 99.2 98.8 97.2
Avg. DOM
57 46 19 8 18 57 57 11 57 33 37 25 8 35 49 11 33
Disclaimer: This representation is based in whole or in part on information from the Pikes Peak REALTOR® Services Corp. (“RSC”) or its PPMLS for the period of April 2019. Content is deemed reliable; however, neither the RSC nor the PPMLS nor PPAR nor Jay Gupta guarantees or is in any way responsible for its accuracy. Data maintained by RSC does not reflect all real estate activity in the market. © Copyright Jay Gupta. All rights reserved. Unauthorized reproduction is prohibited.
Colorado Springs Real Estate Journal www.csrej.com
9
Local Expert How Do We Rate? On a scale from 1 – 19, with 19 being the worst, where does the 30-year fixed mortgage interest rate? Survey Says: 4.20%! That is where the 30-year fixed rate sat at last month. That’s down from 4.8% in November 2018, which was the highest the rate had grown since it was also 4.8% in March 2011.
By Michael Podoyak Executive Manager Empire Title —
Freddie Mac 30 Yr. Fixed Rate Mortgage 20.0%
18.0%
16.0%
Empire Title of Colorado Springs
5755 Mark Dabling Blvd., Ste 110, Colorado Springs, CO 80919 Phone: (719) 884-5300 - Fax: (719) 884-5304
www.etcos.com
14.0%
12.0%
10.0%
8.0%
4.20%
6.0%
Empire Title of Woodland Park 350 N. Pine St., Woodland Park, CO 80863 Phone: (719) 686-9888 - Fax: (719) 686-8208
www.empirewp.com
Empire Title of Canon City
1220 Main St., Canon City, CO 81212 Phone: (719) 275-4900 - Fax: (719) 235-5029
www.empirecanon.com
4.0%
2.0% January - 1971
April 2019
Obviously a decrease in interest rates increases the purchasing power of prospective buyers. The lower the interest rate, the higher the loan amount can be to still qualify a buyer within their approved monthly payment. Wow: 4.20%, in April, in Colorado – what are the chances?? Well, the likelihood is strong that it served as a major contributing factor toward our real estate market seeing another record-breaking month in April for Median and Average Sales Prices. Last month the Median hit a new high of $328,000 (beating previous record of $324,750 last June), and the Average hit a new high of $371,352 (beating previous record of $361,499 also last June).
Median Sales Price
$350,000
$ 328,000
$330,000 $310,000 $290,000
Easy Seller Net Sheets
Quick Buyer Estimates
Useful Comparisons Rent vs. Buy
Powerful Marketing
Social Media Posting
$250,000 $230,000 $210,000 $190,000 $170,000 $150,000
Dec-19 Sep-19 Jun-19 Mar-19 Dec-18 Sep-18 Jun-18 Mar-18 Dec-17 Sep-17 Jun-17 Mar-17 Dec-16 Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Mar-14 Dec-13 Sep-13 Jun-13 Mar-13 Dec-12 Sep-12 Jun-12 Mar-12 Dec-11 Sep-11 Jun-11 Mar-11 Dec-10 Sep-10 Jun-10 Mar-10 Dec-09 Sep-09 Jun-09 Mar-09 Dec-08 Sep-08 Jun-08 Mar-08 Dec-07 Sep-07 Jun-07 Mar-07 Dec-06 Sep-06 Jun-06 Mar-06 Dec-05 Sep-05 Jun-05 Mar-05 Dec-04 Sep-04 Jun-04 Mar-04 Dec-03 Sep-03 Jun-03 Mar-03
$270,000
Average Sales Price $400,000
Ridiculous Affordability
Much, much more!
For Apple & Droid devices
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$350,000
$300,000
$250,000
$200,000
Brian Miller 719-440-2942
Laura Petrosky 719-640-1185
Alissa Edmondson 719-209-2635
Wanda Abramson 719-822-3424
Lori Wollaston 719-686-9888 Woodland Park
WE DON’T SUCCEED UNLESS YOU DO!
10
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Oct-19 Jul-19 Apr-19 Jan-19 Oct-18 Jul-18 Apr-18 Jan-18 Oct-17 Jul-17 Apr-17 Jan-17 Oct-16 Jul-16 Apr-16 Jan-16 Oct-15 Jul-15 Apr-15 Jan-15 Oct-14 Jul-14 Apr-14 Jan-14 Oct-13 Jul-13 Apr-13 Jan-13 Oct-12 Jul-12 Apr-12 Jan-12 Oct-11 Jul-11 Apr-11 Jan-11 Oct-10 Jul-10 Apr-10 Jan-10 Oct-09 Jul-09 Apr-09 Jan-09 Oct-08 Jul-08 Apr-08 Jan-08 Oct-07 Jul-07 Apr-07 Jan-07 Oct-06 Jul-06 Apr-06 Jan-06 Oct-05 Jul-05 Apr-05 Jan-05 Oct-04 Jul-04 Apr-04 Jan-04 Oct-03 Jul-03 Apr-03
$150,000
Doreen Hussmann 719-499-6301
$ 371,352
Just last November, Median and Average Sales Prices were at $303,000 and $342,617 respectively. The last time that interest rates were as high as 4.8% was in March of 2011, when Median and Average Sales Prices were at $180,000 and $211,426 respectively. Interest rates were last at 5.00% in October 2009 – not quite ten years ago. Brian Buffini, the preeminent national real estate coach, says 73% of real estate agents and 80% of mortgage lenders have never worked in a 5%-or-greater interest rate market. Says Bill McAfee, president of Empire Title of Colorado Springs, “Here are the facts: from 1973 to 1986, those 13 years had rates well above 8%; from 1986 to 2000, rates averaged around 8%; and, since 2000, rates have steadily declined until 2013. In the past 5 years they have started climbing. In conclusion, for 40 years the rates have been higher than they are now. We have been spoiled for the last 7 years.” We have indeed been spoiled with interest rates that still remain near record lows. The highest that the 30-year Fixed Rate Mortgage ever climbed to was 18.63% in October 1981. The lowest that rate has ever fallen to was 3.4% twice: in September 2016 and November 2012. At this rate, literally, we can expect a very active summer of home sales. It may even rate amongst the best!
Colorado Springs Real Estate Journal
May 28, 2019
Around the Corner Monday, June 3 HBA PAC Golf Tournament 11:30a-7p @ Kissing Camels Golf Course www.cshba.com Tuesday, June 4 CTM eContracts – Intermediate 10a-12p @ Empire Title rsvp@etcos.com 719-884-5300 Title & Escrow 101 9a-11a @ Legacy Title asalladay@legacytitle-llc.com Thursday, June 6 Cyber Security in the REALTOR World 8:30a-12:30p @ PPAR www.ppar.com Intro to PPMLS Matrix 1p-4p @ PPAR www.ppar.com Friday, June 7 Serving Military Clients: A VA Home Loan Benefit Lunch & Learn 11a-1p @ Legacy Title asalladay@legacytitle-llc.com 73.5 Ways To Improve Writing a Res. Contract 8:30a-12:30p @ PPAR www.ppar.com Tuesday, June 11 Annual Commission Update 8:30a-12:30p @ PPAR www.ppar.com Matrix Advanced Concepts 2p-4p @ PPAR www.ppar.com Wednesday, June 12 Property Hazard & Flood Insurance 9a-12p @ Empire Title rsvp@etcos.com 719-884-5300 New Member Orientation 8:30a-12:30p @ PPAR www.ppar.com
Instanet Basic Concepts 2p-4p @ PPAR www.ppar.com Thursday, June 13 Farm and Land 8:30a @ The Egg and I - Chapel Hills Charlie Triplett: 719-896-1777 YPN (Young Professionals Network of Realtors) 3p-4p Meeting @ PPAR (board room) 4p-6p Social @ Red Martini (downtown) 719-633-7718 | mvanmetre@ppar.org The Smarter Way to Borrow 9a-11a @ Empire Title rsvp@etcos.com 719-884-5300
Friday, June 28 Real Estate - Your Way - On Purpose 1p-3p @ Legacy Title asalladay@legacytitle-llc.com
UPCOMING DEADLINES Deadline
Saturday, June 29 Realtor Day with the Rocky Mountain Vibes www.ppar.com
*EVENTS SUBJECT TO CHANGE Due to limited space, please check with event and class holders early for more detailed information on cost, CE credits, sponsors and registration dates.
Distribution
Jun 13, 2019
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Dec 16, 2019
Dec 30, 2019
Save the Date
Assessors Process 9a-10a @ PPAR www.ppar.com
REALTOR® Day with
Marijuana in Real Estate 1p-3p @ PPAR www.ppar.com Friday, June 14 Prospering in Prop. Management 8:30a-11:30p @ PPAR www.ppar.com
Saturday, June 29th
Rocky Mountain Vibes vs. the Orem Owls (an affiliate to the LA Angels) Plus, it’s STAR WARS NIGHT! Watch the Event Calendar on you PPAR Member Portal for more details!
Special Thanks to Our Sponsors!
Tuesday, June 18 NARPM Luncheon 11a-1p @ Hotel Elegante coloradosprings.narpm.org Intro to PPMLS Matrix (remote class) 1p-4p @ PPAR www.ppar.com Wednesday, June 19 Annual Commission Update 9a-1p @ Empire Title rsvp@etcos.com 719-884-5300 Thursday, June 20 Basics of the Title Commitment 9a-11a @ Empire Title rsvp@etcos.com 719-884-5300 Automations 10a-11a @ Legacy Title asalladay@legacytitle-llc.com
719-232-8747 COroofing.com
Roof Certifications • Roof Replacements • Repairs • Inspection Punch Lists • Skylights • Free Inspections
“Every great Realtor® needs a great roofer.”
May 28, 2019
Colorado Springs Real Estate Journal www.csrej.com
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SPRINGS
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Homes Available! UG! A Y D REA
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8278 MOOREBANK DR.
9927 HENMAN TERRACE
SONOMA** | TWO-STORY 3 BD | 2.5 BA | 1,492 SQFT.
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The Courtyards (719) 358-7583 11382 Method Pt. Shiloh Mesa (719) 327-0228 8110 Burl Wood Dr. Paint Brush Hills (719) 896-4381 9807 Beckham Dr.
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